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Еврозоната и България – рецесия или икономически растеж

Author(s): Vasil Petkov / Language(s): Bulgarian Publication Year: 0

The purpose of the study is to track the dynamics of the main macroeconomic indicators for the euro area, for selected countries in the euro area and for Bulgaria, based on empirical and statistical information for a five-year retrospective period. In this way, similarities and differences in economic development can be highlighted and cause-and-effect relationships can be explored. Despite efforts to mitigate negative external shocks, gross domestic product growth slows during 2023. The level of inflation is decreasing significantly due to the increase in interest rates, but at the expense of this, the economic activity will continue to slow down. Investment has a negligible contribution to the aggregate product, and foreign trade is shrinking. Based on the analysis of interdependencies and the peculiarities of the cyclical development of the considered economies, including Bulgaria, the most likely scenario for their short-term development is either recession or low but unstable economic growth.

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Цифровото евро – перспективи и очаквания

Author(s): Monika Moraliyska,Zdravko Beshendjiev / Language(s): Bulgarian Publication Year: 0

Digitization, globalization and the advent of artificial intelligence are pushing the world towards rapid change. All spheres of socio-economic life were affected, including the banking sector, which underwent a serious metamorphosis in the last decade. A decade after the appearance of the first cryptocurrency, today the financial institutions of the EU, as well as its political leaders, are on the verge of introducing a digital euro. This report synthesizes the main expectations from the introduction of the digital euro and analyses both the possible benefits and potential risks of its use. The limitations of the study are related to the unknown nature of the problem arising from the dynamic development of technologies and their application in business and finance.

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Приемане на еврото – нови възможности за българската икономика

Author(s): Betina Minkova,Vesselina Borisova,Gabriela Dimova / Language(s): Bulgarian Publication Year: 0

The following research is a brief review on the topic of the consequences of the adoption of the Euro for the Bulgarian economy. Using three argumentative pillars, the authors examine the main arguments for changing the country’s national currency, which, according to the report, would result in more opportunities to attract investment, international exchange and economic growth. The good practices of the accession of Lithuania and Croatia to the financial structure of the Eurozone were examined, and acute macroeconomic turbulence was not registered in either country.

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Макропруденциален надзор в Република България. Въвеждане, институции и ефекти

Author(s): Elena Dimitrova-Tsoneva / Language(s): Bulgarian Publication Year: 0

In the countries with a fixed monetary policy, in which interest rates cannot be increased in order to tighten credit discipline, in the period 2007 – 2009, given the risks associated with the credit growth “reasonable” instruments are quickly recognized as alternatives. Bulgaria is one of the first countries to apply a macroprudential policy, using instruments ranging from higher capital requirements to differentiated requirements for reserves and prudential credit ceilings. The purpose of this publication is to show the experience of the Republic of Bulgaria in the implementation of the macroprudential supervisory policy of the Union. The benefits we manage to derive from the regulatory mechanisms for our economy in a situation after total state bankruptcy and currency board, global economic crisis and pandemic.

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Теоретичните основи на европейската икономическа интеграция

Author(s): Vyara Tsvetanova Lavcheva / Language(s): Bulgarian Publication Year: 0

Economic theory is characterized by continuous dynamics, which is both dictated by the changes in human life and a driver of those changes, therefore the return to the theoretical achievements of the past provides a significant conceptual insight into the complexity of the processes, as a result of which the current reality was formed. The purpose of the present work is to analyze the particular manifestations of the heterogeneous doctrines in economic science, which determine the process of creating the theory of regional economic integration. The main task is to identify the economic theories that are the basis of the formation of the integration theory. The necessary cause-and-effect relationships that argue the compatibility of specific doctrines with the effectiveness of the process of regional economic integration should be deduced.

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The European Union’s Approach to Artificial Intelligence Regulation

Author(s): Marisa Almeida Araújo / Language(s): English Publication Year: 0

The European Union (EU) is emphasizing regulatory efforts on Artificial Intelligence (AI) and AI-based systems and tools, aiming to not only lead the digital era but also shape Europe’s digital (sustainable) future. Either a soft-law approach and hard-law responses to AI are clearly part of the EU’s digital strategy. Although the arena in which AI is moving can be treacherous, is also highly seductive and impossible to escape from. Finding a balance between a precautionary approach and promoting evolution and technological development is not always easy, especially when dealing with confronting interests, i.e., different regulatory levels, enforcement and compliance, social and economic asymmetries, and cultural differences, besides the transformation in people’s lives and the impact in the future generations. The paper analyses some challenges – legal and ethical – concerning the use of AI and AI tools. In particular, considering respect for fundamental rights and freedoms, nondiscrimination, quality and security, transparency, impartiality, and fairness, and “under user control”, and the EU regulatory responses to the risks. The aim of the paper is to offer some insights into the hard and soft law responses of the EU to the topic, and the strategy adopted to AI regulation.

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Financial Integration and the European Union

Author(s): Mariya Yaneva / Language(s): English Publication Year: 0

Financial integration within the European Union (EU) is a complex and multifaceted economic and political process that has far-reaching implications for EU member states, economic actors and the global financial landscape. This research explores the progressive steps taken by the EU to harmonize financial markets, possible regulations and institutions, creating a single financial market known as the European Economic and Monetary Union (EMU).

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Is There a New Momentum for the Development of the Euro?

Author(s): Kaloyan Simeonov,Slaveya Vasileva / Language(s): English Publication Year: 0

After the establishment of the euro in 1999, the single currency became the second most important currency in the global markets. However, the euro has never been the single currency of the whole EU as there are always Member States of the Union that do not belong to the Euro Area. In the paper we will argue that there is a new momentum for the development of the euro both internally at EU level and globally. The internal development of the Euro Area has two main dimensions – current Euro Area enlargement as well as financial and EU economic reforms that are targeted specifically to the Euro Area. The global development of the euro is linked with the current global political and economic challenges. Last but not least, the development of the digital euro will also increase further the role of the single currency inside and outside of the EU.

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EU Facility for Refugees in Turkiye: Humanitarian and Development Actions

Author(s): Suleyman Dikmen,Hamza Bahadır Eser / Language(s): English Publication Year: 0

Since 2011, Türkiye officially hosts around four million refugees. On March 18 2016, the European Council and Türkiye signed the European Union (EU)-Türkiye Statement aimed at stemming the influx of irregular migration via Türkiye to the EU. The aim of the study is to examine the financial support program developed within the scope of the EU-Türkiye Statement, which focuses on managing irregular migration and financial aid. The Facility for Refugees, a main component of the EU-Türkiye Statement, consists of an EU budget of €3 billion and EU Member States contributions of €3 billion. More than 100 projects have been implemented in Türkiye with the funds provided under the Facility. In the study, financial aid will be evaluated in terms of humanitarian and development actions.

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Globalization Processes and Reasons for Migration of the Population of Azerbaijan to Europe

Author(s): Gulnara Sadi Hajiyeva / Language(s): English Publication Year: 0

Political and social changes at the end of the 20th and beginning of the 21st century radically changed the socio-economic situation not only in the post-Soviet space, but throughout the world. One of the clearest manifestations of such changes was the active migration of the population, in which millions of people were forced to migrate from one state to another, thereby becoming involved in the process of globalization. Unlike developed countries that experienced a migration boom long before, the Republic of Azerbaijan faced particularly intense migration flows. In this context, the subject of the study is the study of migration from Azerbaijan to Europe after gaining independence. Within the framework of the created theoretical model, an analysis of migration from Azerbaijan to European states, especially to Germany, was carried out, as well as the reasons for migration from Azerbaijan to Europe and the integration process were assessed. Under the conditions of economic and demographic crises in Azerbaijan, population migration can be a fairly accurate indicator of the depth of these crises; on the other hand, effective regulation of migration contributes to solving both economic and demographic problems faced by Azerbaijan.

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The State of Nominal and Real Convergence of Albania in the Context of Its EU Accession

Author(s): Silvia Kirova,Enida Istrefi / Language(s): English Publication Year: 0

The paper aims to explore the state of nominal and real convergence of Albania, as well as some factors that are determinants of the catching-up process and might explain the results so far. The topic is of particular interest as in July 2022 the EU accession negotiations with Albania were launched. Therefore, it is relevant to research to what extent the country fulfills the Maastricht criteria and what is the state of real convergence, as they have a significant impact on the smooth integration of the economy in the internal market and eventually in the euro adoption process. The focus is on Albania and where appropriate, comparisons will be made with the other Western Balkan countries which have an EU candidate status.

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The Influence of Exchange Rate on Inflation in Albania: Study Period 2010-2022

Author(s): Jonida Methasani,Enida Zhugri / Language(s): English Publication Year: 0

This paper studies the exchange rate in Albania and its relationship with inflation. Recently, the exchange rate has been emphasized as a shock absorber in the literature on transition nations, downplaying its costs to macroeconomic stabilization. However, the costs and benefits of a previous exchange rate instrument determine the decision to use a different exchange rate regime. The paper’s first section presents a survey of the literature on the connection between inflation and the exchange rate. The performance of the ALL/ EUR exchange rate is discussed, as the euro accounts for the majority of transactions in our country’s trade with other countries. The study of the effect of the exchange rate on economic indicators such as inflation is the last part of the study, for which we developed a simple regression model to explain the relationship between the two variables.

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Local Government in Albania, The Effects of Fiscal Decentralization

Author(s): Selma Binjaku,Shkëlqim Fortuzi / Language(s): English Publication Year: 0

Fundamentally, decentralization represents a democratic restructuring endeavor that seeks to transfer political, administrative, financial, and planning powers from the central government to local authorities. Its aims encompass boosting civic engagement, bestowing decision-making authority upon local communities, and fostering accountability and dependability. The overarching objective is to optimize the efficiency and effectiveness of resource collection, administration, and service provision. My interest in comprehending the evolution of our country’s decentralization initiative has driven me to delve into the subject of fiscal decentralization. This process entails endowing local governments not only with the entitlements arising from this empowerment but also the corresponding responsibilities that accompany it. Before and after decentralization, there are several stages that can be observed. These stages typically involve policy formulation, legal reforms, capacity building, fiscal transfers, and institutional adjustments. By analyzing key indicators, we can assess the impact of decentralization on various aspects of governance. The aim of this work is to take into consideration recent developments, both within the framework of central-level reforms and the work of local self-government bodies, primarily focusing on the period from 2005 to 2021. The work is primarily based on analyzing the findings identified from the following sources: Primary data collected through questionnaires administered to citizens, Accountancy Experts, and Businesses. Research from various reports, publications, or articles prepared as part of projects or activities of various public institutions operating in the field of local governance. Previous reports and analyzes on territorial-administrative reform have been conducted by national and international institutions, and their findings have been extensively used in the preparation of this work.

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Analysis of Fiscal Policies and Their Impact on the Local Economy

Author(s): Selma Binjaku,Shkëlqim Fortuzi / Language(s): English Publication Year: 0

Fiscal policies are the tools used by the government to influence the country’s economy through taxation, public spending, and public debt. Their goals are to regulate the economy, assist in increasing employment, reduce inflation, and maintain control of public debt. Tax revenues are the primary and significant sources of income for governments in most countries. The potential tax revenues of a country based on its legal or tax law are much greater than the actual tax revenues collected. Due to the lack of full tax compliance, government budgets are rarely balanced in most countries, and the gap between revenues and expenditures is growing. The key question is why taxpayers avoid taxes. The purpose of this paper is to familiarize with the concept of fiscal packages and how the new taxation system works in the country. The paper is divided into three sections, where the first section includes the analysis of the theoretical aspect of our tax system, focusing on the concepts of taxes and duties according to national legislation. The second section focuses on fiscal packages for the years 2020, 2021, 2022, and the revenues generated during the respective years, while the final section deals with the analysis of the survey conducted among businesses in our country that have implemented the taxation system by examining the difficulties businesses are currently facing after the implementation of taxation, as well as their approach to taxation.

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Analysis of the Economic Situation in Case of the Membership Expansion in the EU, an Approach toward Western Balkans

Author(s): Rovena Vangjel,Mateus Habili,Merjemë Zyko / Language(s): English Publication Year: 0

This research paper seeks to examine the economic situation that arises in the context of EU membership expansion, focusing on the approach of Western Balkans. We aim to conclude if the current situation of the European Union would benefit from the inclusion of new members. Achieving the paper’s objectives required the analysis of crucial aspects such as investigating how EU membership expansion until today has impacted the economy of the union and whether new entrants experience accelerated growth and convergence with the more developed economies, studying the dynamics of labor mobility between existing and new member states and other economic exposures. The analysis in this paper used secondary data obtained from statistical platforms such as World Bank Statistics Eurostat, focusing on the data of the years when the most considerable accessions to the union happened due to higher visibility of the economic effects. The study contributes to a deeper understanding of the complex dynamics accompanying the integration of new economies into the European Union, concluding that the scope of a genuine analysis considering the current period will always lead to making the most accurate decision.

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Synergy between The EU and Korea in Navigating The Environmental Stewardship

Author(s): Hannah Kang / Language(s): English Publication Year: 0

This report examines the EU’s global role in environmental stewardship, driven by its regulatory influence in corporate transparency. Korea, as a key strategic partner to the EU, is analyzed for its synergy with the EU in building green economies. The report focuses on the synergy between the EU and Korea in building green economies and analyzes the Green Deals of both the EU and Korea, the FTA, and their Green partnership. By utilizing quantitative and qualitative analyses of agreements and policies, the report identifies challenges and opportunities, offering future recommendations. On the one hand, the EU’s Sustainable Financial Disclosure Regulation and the Corporate Sustainability Reporting Directive are analyzed as models for accelerating Korea’s divestment in foreign coal powered projects. On the other hand, this paper explores Korea’s leading role in hydrogen technology as a benchmark model for EU’s green Research and Innovation . In conclusion, the report underscores the symbiotic EU-Korea relationship in a global environmental stewardship, fostering mutual learning, collaboration, and innovation for a sustainable global economy. This report serves as a foundation for future research in these critical areas of global environmental dynamics.

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The Transformation of the Business Model in the Process of the Transformation of the Economic System on the Road to Sustainability: European Perspective

Author(s): Bistra Boeva / Language(s): English Publication Year: 0

This paper examines the transformation of the business model in the process of transformation of an economic system on the road to sustainability. The objective of the paper is to prove the transformation of the business model of companies in EU Member States due to the establishment of the new regulation framework on sustainability. The author’s previous researches on corporate governance and sustainability, sustainable Global Value Chains and corporate sustainability,2 as well her personal involvement in various consulting activities gradually determined the abovementioned topic of investigation. Although it was established that a limited number of scholars study the above phenomenon some findings in their publications have enabled the development of a conceptual framework of this paper. The first part the paper encompasses the results of the literature observation. The focus of the second part is on the EU regulation framework on sustainability. In the third part of the paper the transformation of the business model is analysed. Through the lens of good practice, some very interesting findings are revealed. The conclusion includes the findings of the study, the author’s contribution and the path for the further study.

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Bulgaria‘s Investment and Trade Position in 2023

Author(s): Monika Moraliyska / Language(s): English Publication Year: 0

The paper explores the investment and trade position of Bulgaria in 2023. It analyzes its investment climate, trade position and dynamics, and conducts a SWOT analysis of the Bulgarian investment climate. The author also discusses the potential for increasing foreign direct investment (FDI) in the country. By analyzing these aspects, the research paper aims at providing a detailed insights into Bulgaria’s economic prospects and opportunities for both domestic and international investors. The methodoly includes descriptive and comparatable analysis, statistical data analysis and desk research of acknowledged international rating concerning investment climate.

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Foreign Exchange Market Dynamics in Bulgaria in the Period 2018 – 2022

Author(s): Aglika Kaneva / Language(s): English Publication Year: 0

In this paper, the turnover of the foreign exchange market in Bulgaria has been examined. The structure of the foreign exchange market turnover by instruments, by currencies and the foreign exchange market turnover by counterparties for the period 2018 - 2022 have been studied. A comparative analysis of the indicators has been made.

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Promotion of Cross-Border Commercial Mediation

Author(s): Nedyalka Alexandrova / Language(s): English Publication Year: 0

The report argues the benefit of using mediation as an alternative dispute resolution form in international business, but also as an underlying conflict resolution tool. The main international initiatives aiming rising in mediation attractiveness and promoting its application are summarized. As a main obstacle is shown the lack of an effective possibility of enforcement the mediation agreements.

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